Board members of MTD Walkers PLC to resign

Board members of MTD Walkers PLC to resign

Written by Staff Writer

21 Aug, 2018 | 10:01 am

Written by Staff Writer
21 Aug, 2018 | 10:01 am

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Colombo (News1st) – The Ceylon Today newspaper reports that several members of the Board of Directors of MTD Walkers PLC, are set to resign at the end of the month. However, in a disclosure to the CSE on Monday (Aug 20th), MTD Walkers PLC noted that they had no pending resignations, intimated to them.

The company made headlines recently as a result of receiving a Rs 10 bn loan from People’s Bank, given that People’s Bank Board member Jehan Amaratunge is also a Director at MTD Walkers PLC.

The Ceylon Today report claims that MTD Walkers PLC Board Member Niranjan Devaditya also known as Nirj Deva, has already informed the relevant parties of his intent to resign. The report cites personal reasons for Devaditya’s resignation. A close confidant of the Prime Minister, Nirj Deva serves as an Independent Non-Executive Director on the Board of MTD Walkers.

The Ceylon Today report also notes that MTD Walkers Directors Ravindranath Wijeyratne and Albert Rasiah, have also decided to resign.

The massive loan of 10 billion rupees granted by People’s Bank to MTD Walkers recently captured headlines due to the apparent conflict of interest involving Jehan Amaratunge, given that while the loan should be approved by the Bank’s Audit Committee, Amaratunge serves as the Chair of this Committee. The term of the Board of Directors of People’s Bank is to end on the 31st of August. This will also mark the conclusion of Jehan Amaratunge’s term as a Director of People’s Bank.

Will those involved in these transactions including Jehan Amaratunge, be allowed to remain at large and above the law, simply because their terms have ended? Shouldn’t it be a priority to conduct a proper investigation and hold those responsible to account?